Mar 11, 2012

Myanmar's border trade up 60 pct in FY 2011-12

Myanmar's border trade amounted to over 3.046 billion U.S. dollars in nearly the whole fiscal year of 2011-12, up about 60 percent from more than 1.9 billion dollars in the same period 2010-11, a local media reported Friday.

The increase of the border trade volume was due to the rise of nearly 1 billion dollars' export, said the Biweekly News.

Myanmar's border trade was dominated by that with China followed by Thailand, India and Bangladesh.

Myanmar's foreign trade had attained around 17 billion dollars in nearly the whole fiscal year 2011-12, up about 2 billion dollars from 15 billion dollars in the same period of the fiscal year 2010-11.

In normal trade early this year, February saw more volume of import, while March registered more volume of export, striking a balance of trade.

The increased import was due to the granting of import of automobiles, palm oil and crude oil, of which automobile stood about 1 billion dollars.

Meanwhile, to boost export, the government has exempted commercial tax on a number of export items such as rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and animal products (except prohibited ones) as well as value- added products made of timber, bamboo, rattan, garden fruits and products including various kinds of fruits and vegetables.

Source: Xinhua